SP 500 crossed into the zone between the 50-60% on the Fibonacci. This could be a battle zone for stocks. Consider the already 18% run since June lows. How much gas is left in the tank after that move? Might be an area for consolidation before moving higher. Any dip seems buyable.
Breadth is showing it's significance. The 9 week run up from single digit percentage stocks has not been seen since the pandemic crash recovery. Now clearly running in the red, with over 90% of stocks above their 50ma. This has only happened 2 other times in the past 2 years.
VIX respectively heading lower below 20 given this rip higher in the SPX. We have not seen the VIX linger at low levels.
$UUP USD ETF - US Dollar is still in a clear uptrend. A strong dollar has not been good for stocks.
10y Yield - Yields are staying elevated off mid-June highs. TNX is also influential in mortgage rates. There may be an area of support it's sitting on. A drop in equities could mean a rise in yields.
No comments:
Post a Comment